Archer Daniels Midland Takeover Bid Rejected

By Reuters

Nov. 28, 2013

The Australian government rejected the proposed $2.6 billion takeover of GrainCorp by the American agricultural giant Archer Daniels Midland on Friday, bowing to pressure from grain growers in a surprising decision. Joe Hockey, Australia’s treasurer, said he would not allow the A.D.M.-GrainCorp deal after Australia’s Foreign Investment Review Board failed to reach a consensus recommendation.

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